Luxury Condos usually don't allow AirBnB. Only long term lease and number of tenants are based on the type of unit (couple for studio and one bed, etc).
That’s what they say, but it’s not enforced anywhere I know of. Uptown Ritz, One uptown Residences and Uptown Park Suites all have them flowing in and out constantly. They check in as guests of the owners. If you know of ones who have clamped down, please post them. It would be of benefit to all who see it. Thanks so much, happy new year, Joe.
As for airb&b people, it is NOT every condo residence allows airb&b. It's very simple. Ask the admin of the condo building if airb&b is allowed. Megaworld (the builder) allows airb&b in most of their Condo's. The others are more strict about Airb&b. As for multiple people in the units there are max numbers allowed. If u know without a dought there are large numbers of people in a unit, it needs to be reported to the Admin. They will enforce this with the owner of the unit. Fines can be imposed. Outside of that, you make some good points for new rentals. Bottom line do ur homework people and don't be in a hurry. There will always be a unit available. I have rented for two yrs now in One Uptown residence and have no issues. If you are new to PH Joe makes great points to follow.
Excellent presentation. I've seen TONS of expat Philippines videos. This is the first I've seen that covers these issues. Now I'll be better informed when I move to PH. Subbed.
I agree, the 4 day minimum AirBnB, completely ruins the experience of condo living. This gentleman is absolutely correct, when he talks about the screaming kids, designer dogs yapping all weekend, and the pool and amenities are packed all weekend with weekend Chinese.
Almost bought a 12 million bgc 2 bedroom condo (penthouse) then the pandemic hit. It was going for 21 million recently and just sold. Kicking myself lol
I do post dated cheques. No issue from tenants as they work for corporations and their firms handles the payments. Usually, post dated are not required as firms pay one year up front plus two months deposit
I’m an owner of three units from different condo. I have brokers who takes care of screening prospective tenants. Post dated checks is a common practice here if there is an issue on your lessor. You can always ask your bank to hold all your PDCs. That’s a more simple way to manage your check payments. Wire transfers are not ideal cause there are also a lot of tenants that are scammers. I have court cases with some of them. You just need to be more knowledgeable on the condo developers. high end condo have more good services and amenities.
Sounds like a All you kids get off my lawn rant video. I've lived in BGC for two years in two different condos and never had any of these issues. Honestly, hardly anyone uses the pool or workout facilities. Both my owners were super attentive to any needs I had. Everything is negotiable here. I never had to do post dates checks. They've always accepted electronic bank transfer. The nice thing about BGC is you can walk anywhere.
Condos in BGC are overpriced and other provinces in the Philippines rely on foreigners to purchase them and one of the reasons why they are overpriced.
Foreigners cant own land so they have very limited options. Most foreigner would rather have a house but not allowed unless married to a filipino citizen
Ummm.... not true. 60% of condo buildings in the Philippines are required to be owned by Filipinos. I've rented many condos in metro Manila and every owner is/was a Filipino. I have never had a foreigner as a landlord in Manila in 20 years. There are so many rich Filipinos who own multiple condo units and huge mansions here.
You can own a house and land if you set up at Philippines Partnership or Corporation of which you have 40% interest. The entity can lease to the Foreignor for 25 years with the option to renew for another 25 years. Far better than trust fees with Mexico. @Imold774
Never even looked them 😂 they knew I didn’t have anything to say. I just kept my mouth shut & never showed disrespect 🎉 Buy land and build a home. We did over 10 years ago, best decision ever 💝
#8 Don't assume you are in Manila just because you see a skyscraper. BGC is not in Manila. Makati is not in Manila. In fact, it's very likely that the new condo or place you are going to is NOT in Manila. Read your lease contract. "Metro Manila" and "Manila" are vastly different areas despite their similar names. Be diligent enough to know what city your condo is actually located esp if you plan to sublease or sell it eventually. You can get in trouble for misrepresenting it as "Manila Condo" when, in fact, it is NOT in Manila.
Thanks for the great info. No disrespect, but you're definitely more on the ball compared to many/most other expats. Curious: based on many expat videos, it seems 50/50, but do you think Filipinos are more or about the same as Americans in terms of being opportunistic and scammy in general? Helps me with deciding on brokers (for condo rentals). Thanks, Joe.
Hello Kim, Thank you for watching and writing. That’s a hard question to answer. Overall I believe the Filipinos to be grateful and much easier to live with than people in the USA. Poverty is a huge driver and those who do wrong will always justify their actions no matter the country. I’ve stayed with one broker; however, I’m close friends with a few other great brokers that I would trust in a heartbeat. We have to do our due diligence here for sure. Also make sure to get ID and photos if anyone you do business with. If they refuse, it’s a sign. Best, Joe.
Bro, the prices are just flat-out insulting in PH. I like BGC, but no way in hell are they worth the asking prices it's straight-up nonsense. 15 million for 38 sqm a show box ? Small kitchen crappy layout. No wonder people just rent I don't blame them
I agree from a western viewpoint. Majority have no drawers in kitchens, no clothes dryers, no countertop space, etc,etc. They seem fine for Asians though. I’m good renting 😁. Thanks for watching and the relevant contribution. Best, Joe
We bought in the BGC Park tower 2 and didn't rent it for a year. We finally got someone who was going to rent it a Airbnb and thankfully they were good and covered a lot of what you covered in this video. So we ensured the rental agent has power of attorney and everything you mentioned. I haven't been able to go and see the unit and we purchased it before they broke ground and they finished it a year or two ago. I'm hoping to see it either this year or next year. Can you provide a comparison of maybe Similar place in the U.S.? For instance, is that area like Vegas when it comes to size and market? It sounds like they have malls and nice restaurants. Are they open 24/7 or just 12 hours a day etc? It's ok if you can't answer. I was looking for more info with no success. I wonder if they are still building. Anyway, thank you for sharing and I just subscribed.
That's a very nice building and Uptown is still growing with several more high-rise buildings being erected now. BGC is hard to compare to a US city, as BGC is very small geographically. You can walk the entire city in about an hour. There are some mixed use communities in the US that are similar, but smaller than BGC. Perkins Rowe in Baton Rouge comes to mind. There are dozens of coffee shops in BGC, many bars and endless shopping. The big clubs stay open until the wee hours; however, very few places are open 24 hours. Denny's comes to mind as the only 24 hour establishment I can think of. Bottom line, it's a great place and I think you made a solid investment. Best, Joe
I forgot to ask, I sometimes have paranoia that the condominium might rob my room while I’m not at home. What about the security of condominiums? There are about 7 guards at the entrance and 2-3 guards inside, they don’t let you in with a card. But the apartment was rented out and someone lived here before me who had a card, etc. Is it worth worrying about security, that my number will be compromised, or that there is little theft in condominiums?
I’ve not heard of any security problems in condos here. Someone else may have information about that here. Security is one of the big benefits of condo life. The challenge is all the air BNB renters who come in and out. There’s no way for them to keep up with all the different faces. I know family members of my landlord have key to my condo, but I think the situation is similar even I the USA with apartments.
No issues within the condo. I was in the Avant at the Fort. Mid 2000s building…near McDonald’s. Most units will have a safe in the room. I generally take my valuables out if I know the helper / ate is coming. I do the same in the states.
Hey, thanks for tips, i came to all this through my experience in Cebu, but about : garbage door, good advice, didn't think about that. Usually it's behind the elevators I thought. I heard that they don’t want to give back the deposit and are making up stories about how not to return the deposit. If my contract says that at the end of the lease they will return the deposit to me, then do I receive it? I buy new mattress and my friend too, he lives in another condominium, he was not allowed to bring it in, he had to call the owner of the apartment so that he would approve it, I didn’t have such a situation, I calmly brought it in myself. Question: Should I report that I brought my table or mattress? Otherwise, if I move, I’ll take my things out so they don’t cause problems. I have all the receipts. Question: if I need to warn someone that I bought a portable table, a mattress, a computer screen?
Bringing items in and out when you move is an odd aspect. Everything last item in my condo was inventoried. I think the only way manage is to keep receipts and build a relationship with the condo staff. Simply smiling and greeting them when you see them is all it takes. As far as the deposit, you’re protected by law. Having photos/video at move in/out are important. Thanks for watching and writing, Joe
BGC and most condos are a waste of money. Little to no appreciation. Low rates of return. A total waste. You would get a higher rate of return buying Philippine Treasuries or stocks.
I don’t know the specifics about Philippine condos, but I agree with your premise 100%. I sold my last home post divorce in 2015 and vowed to never own real property again. Your money is not liquid, selling rentals requires a payback of depreciation taken, interest rates and other economic factors have too large an influence on ability to make large investments (meaning a buyer qualifying to buy). Money in mutual fund/s is a smarter bet. I could go on and on, but you know what I’m saying. I appreciate you adding to the conversation and taking time to write. Best, Joe
Rent don’t buy. The ROI isn’t there…15-20 million pesos to buy…less than 100 usd Airbnb a night or 50-60k pesos a month. The math doesn’t work unless you are going to live in BGC for 10-15 years. Most guys go back to the west within 3 in my experience. One prime example is Nelly’slife….shes still a host on AirBnB on her 20 million peso condo near Venice mall. You can rent it for 75 usd a night. She’s tried to sell it for about 2 years. Remember property is not liquid in the same way as the west.
@@Joeysgonerogue I don’t understand why guys think it’s an investment. Especially 65+. Market analysis and disclosures are not the same in the Philippines. It’s unlikely anyone will disclose occupancy rates but just look at the lights at night. I would say 50% of the condos are occupied…maybe less. I worry about long term occupancy and building up keep.
I’m happy with my condo in BGC Uptown Parksuites tower 1. I purchased when was pre selling way back 2013 . But right now someone is renting 😊🙏 I bought it when I was 45 years so by the time I’m 65 it’s fully paid already . The only thing I’m gonna worry is HOA , utilities , food .
@@hannaliza2221 Expats have a different set of concerns than Filipino nationals. It’s unlikely we will be in the country for a decade. I have looked at a few of the older buildings. The Avant at the Fort and 5th Avenue Place…AirBnB and rental rates do no offer the return for the price. Buying a 200-300K house in the USA would return 1500-3000 depending on market…Philippines 50K pesos maybe….better investments exists for expats without the high risk. The upside is if you are going back and forth a lot or have a wife and kids in Manila…that’s where it pays off.
@@aboveitall9600 my main purpose buying condo in BGC it’s my retirement home but still keeping my house here in US . But since I’m not retire yet , I let them rent my property at the same time I saved money for my monthly amortization 😊
I've rented many Air BnB's in nice buildings and we found that it's almost a sure thing that there are cockroaches (ipis). Especially coming from the garbage rooms...because people are pigs.
this is great stuff…thanks for sharing!!!!
Thank you very much! I appreciate you watching and taking time to write. Best, Joe.
Luxury Condos usually don't allow AirBnB. Only long term lease and number of tenants are based on the type of unit (couple for studio and one bed, etc).
That’s what they say, but it’s not enforced anywhere I know of. Uptown Ritz, One uptown Residences and Uptown Park Suites all have them flowing in and out constantly. They check in as guests of the owners. If you know of ones who have clamped down, please post them. It would be of benefit to all who see it. Thanks so much, happy new year, Joe.
@@Joeysgonerogue I'm in Ortigas area. One Shangri-La Place is very strict. If you go to AirBnB listings you won't find a unit in OSP.
@@robocop581 I like that a lot.
As for airb&b people, it is NOT every condo residence allows airb&b. It's very simple. Ask the admin of the condo building if airb&b is allowed. Megaworld (the builder) allows airb&b in most of their Condo's. The others are more strict about Airb&b. As for multiple people in the units there are max numbers allowed. If u know without a dought there are large numbers of people in a unit, it needs to be reported to the Admin. They will enforce this with the owner of the unit. Fines can be imposed.
Outside of that, you make some good points for new rentals. Bottom line do ur homework people and don't be in a hurry. There will always be a unit available.
I have rented for two yrs now in One Uptown residence and have no issues.
If you are new to PH Joe makes great points to follow.
@@PHVIDaveOne uptown is a hotel 😂 full of Airbnb’s. It’s old with leaks everywhere. Megaworld isn’t a good builder, I’d stick with Ayala.
Excellent presentation. I've seen TONS of expat Philippines videos. This is the first I've seen that covers these issues. Now I'll be better informed when I move to PH. Subbed.
Thank you very much for watching, and for the fabulous compliment! I’m happy to know it is helpful. Best, Joe
Thanks for the tips. I might need these in the future.
I agree, the 4 day minimum AirBnB, completely ruins the experience of condo living. This gentleman is absolutely correct, when he talks about the screaming kids, designer dogs yapping all weekend, and the pool and amenities are packed all weekend with weekend Chinese.
Thank you for watching and contributing to the conversation! Best, Joe
Bgc is similar to a modern US city, and is originally an american military base, and a filipino-American war memorial site
Thank you for the great info. You’re spot on! Best, Joe!
Another out of the park home room from Joey! Very good info. Are you leaning to resigning to a new BGC place? tick tock.
Hi Cody, Thank you! I officially requested 6 month lease extension yesterday. I’ve been unable to find a place I like better. Cheers!
Good information and food for thought while searching for a condo and before executing a lease.
Thank you, Kenn! I appreciate you watching and commenting. Merry Christmas!
Excellent video! I can believe this to be true…
Thank you!
Quite thorough job with the info there, Sir! Great job and much appreciated. Cheers!
Thank you very much! Happy New Year!
Fantastic information….well done . New sub
Thank you. I really appreciate you watching and taking time to write. Best, Joe
Almost bought a 12 million bgc 2 bedroom condo (penthouse) then the pandemic hit. It was going for 21 million recently and just sold. Kicking myself lol
Wow!
I do post dated cheques. No issue from tenants as they work for corporations and their firms handles the payments. Usually, post dated are not required as firms pay one year up front plus two months deposit
Good to know! Thank you.
@@Joeysgonerogue TBH, we only did post dated because that was the practice of brokers in Manila. We're open to bank transfers or any type of payment
@@robocop581 if you want to find me on social media or my website you can message me your contact info and I’ll pass along to those who ask.
great info as usual, thank you so much
Hi Paul, thank you! Very much appreciated, Joe.
I’m an owner of three units from different condo. I have brokers who takes care of screening prospective tenants.
Post dated checks is a common practice here if there is an issue on your lessor. You can always ask your bank to hold all your PDCs. That’s a more simple way to manage your check payments.
Wire transfers are not ideal cause there are also a lot of tenants that are scammers. I have court cases with some of them.
You just need to be more knowledgeable on the condo developers. high end condo have more good services and amenities.
Hi Maria, Thank you for the great contribution to our conversation. Very much appreciated. Best, Joe
great video
Thank. Very much appreciated. Best, Joe
Sounds like a All you kids get off my lawn rant video. I've lived in BGC for two years in two different condos and never had any of these issues. Honestly, hardly anyone uses the pool or workout facilities. Both my owners were super attentive to any needs I had. Everything is negotiable here. I never had to do post dates checks. They've always accepted electronic bank transfer. The nice thing about BGC is you can walk anywhere.
Thanks for watching and adding to the conversation. BGC is a perfect walking city for sure. Best, Joe
did this video scared the living out of you? good.
Condos in BGC are overpriced and other provinces in the Philippines rely on foreigners to purchase them and one of the reasons why they are overpriced.
Because only they can afford it so will keep going up
Foreigners cant own land so they have very limited options. Most foreigner would rather have a house but not allowed unless married to a filipino citizen
Ummm.... not true. 60% of condo buildings in the Philippines are required to be owned by Filipinos. I've rented many condos in metro Manila and every owner is/was a Filipino. I have never had a foreigner as a landlord in Manila in 20 years. There are so many rich Filipinos who own multiple condo units and huge mansions here.
You can own a house and land if you set up at Philippines Partnership or Corporation of which you have 40% interest. The entity can lease to the Foreignor for 25 years with the option to renew for another 25 years. Far better than trust fees with Mexico. @Imold774
It’s not like I’m renting but good infos Joe.
Hi Amalia, Thank you.. 😊
Big Facts Mega World Got me in Eastwood city they tried to sell me a hotel investment
I believe that is their business model! Sell as an investment, not a place to live.
Never even looked them 😂 they knew I didn’t have anything to say. I just kept my mouth shut & never showed disrespect 🎉 Buy land and build a home. We did over 10 years ago, best decision ever 💝
Great move! Thank you for watching and writing. Best, Joe.
Great stuff.
Thank you, Hurley! Happy new year!
#8 Don't assume you are in Manila just because you see a skyscraper.
BGC is not in Manila.
Makati is not in Manila.
In fact, it's very likely that the new condo or place you are going to is NOT in Manila. Read your lease contract.
"Metro Manila" and "Manila" are vastly different areas despite their similar names. Be diligent enough to know what city your condo is actually located esp if you plan to sublease or sell it eventually. You can get in trouble for misrepresenting it as "Manila Condo" when, in fact, it is NOT in Manila.
Good information! Thank you!
Developers overprice their inventory by 100% knowing that mostly many buyers don’t understand what they’re getting into and will default on the loan
Thanks for the great info. No disrespect, but you're definitely more on the ball compared to many/most other expats. Curious: based on many expat videos, it seems 50/50, but do you think Filipinos are more or about the same as Americans in terms of being opportunistic and scammy in general? Helps me with deciding on brokers (for condo rentals). Thanks, Joe.
Hello Kim, Thank you for watching and writing. That’s a hard question to answer. Overall I believe the Filipinos to be grateful and much easier to live with than people in the USA. Poverty is a huge driver and those who do wrong will always justify their actions no matter the country. I’ve stayed with one broker; however, I’m close friends with a few other great brokers that I would trust in a heartbeat. We have to do our due diligence here for sure. Also make sure to get ID and photos if anyone you do business with. If they refuse, it’s a sign. Best, Joe.
Good info, do you have facebook links for these rental agents ?
facebook.com/juvelyn.millares?mibextid=LQQJ4d
facebook.com/dru.philbrokerhouse?mibextid=LQQJ4d
Amazing.
Hi Tony, thank you for watching and taking to reply! Best, Joe.
Bro, the prices are just flat-out insulting in PH. I like BGC, but no way in hell are they worth the asking prices it's straight-up nonsense. 15 million for 38 sqm a show box ? Small kitchen crappy layout. No wonder people just rent I don't blame them
I agree from a western viewpoint. Majority have no drawers in kitchens, no clothes dryers, no countertop space, etc,etc. They seem fine for Asians though. I’m good renting 😁. Thanks for watching and the relevant contribution. Best, Joe
We bought in the BGC Park tower 2 and didn't rent it for a year. We finally got someone who was going to rent it a Airbnb and thankfully they were good and covered a lot of what you covered in this video. So we ensured the rental agent has power of attorney and everything you mentioned. I haven't been able to go and see the unit and we purchased it before they broke ground and they finished it a year or two ago. I'm hoping to see it either this year or next year.
Can you provide a comparison of maybe Similar place in the U.S.? For instance, is that area like Vegas when it comes to size and market? It sounds like they have malls and nice restaurants. Are they open 24/7 or just 12 hours a day etc?
It's ok if you can't answer. I was looking for more info with no success. I wonder if they are still building.
Anyway, thank you for sharing and I just subscribed.
That's a very nice building and Uptown is still growing with several more high-rise buildings being erected now. BGC is hard to compare to a US city, as BGC is very small geographically. You can walk the entire city in about an hour. There are some mixed use communities in the US that are similar, but smaller than BGC. Perkins Rowe in Baton Rouge comes to mind. There are dozens of coffee shops in BGC, many bars and endless shopping. The big clubs stay open until the wee hours; however, very few places are open 24 hours. Denny's comes to mind as the only 24 hour establishment I can think of. Bottom line, it's a great place and I think you made a solid investment. Best, Joe
I forgot to ask, I sometimes have paranoia that the condominium might rob my room while I’m not at home. What about the security of condominiums? There are about 7 guards at the entrance and 2-3 guards inside, they don’t let you in with a card.
But the apartment was rented out and someone lived here before me who had a card, etc. Is it worth worrying about security, that my number will be compromised, or that there is little theft in condominiums?
I’ve not heard of any security problems in condos here. Someone else may have information about that here. Security is one of the big benefits of condo life. The challenge is all the air BNB renters who come in and out. There’s no way for them to keep up with all the different faces. I know family members of my landlord have key to my condo, but I think the situation is similar even I the USA with apartments.
No issues within the condo. I was in the Avant at the Fort. Mid 2000s building…near McDonald’s. Most units will have a safe in the room. I generally take my valuables out if I know the helper / ate is coming. I do the same in the states.
Hey, thanks for tips, i came to all this through my experience in Cebu, but about : garbage door, good advice, didn't think about that. Usually it's behind the elevators I thought.
I heard that they don’t want to give back the deposit and are making up stories about how not to return the deposit. If my contract says that at the end of the lease they will return the deposit to me, then do I receive it?
I buy new mattress and my friend too, he lives in another condominium, he was not allowed to bring it in, he had to call the owner of the apartment so that he would approve it, I didn’t have such a situation, I calmly brought it in myself. Question: Should I report that I brought my table or mattress?
Otherwise, if I move, I’ll take my things out so they don’t cause problems. I have all the receipts. Question: if I need to warn someone that I bought a portable table, a mattress, a computer screen?
Bringing items in and out when you move is an odd aspect. Everything last item in my condo was inventoried. I think the only way manage is to keep receipts and build a relationship with the condo staff. Simply smiling and greeting them when you see them is all it takes. As far as the deposit, you’re protected by law. Having photos/video at move in/out are important. Thanks for watching and writing, Joe
@@Joeysgonerogueabsolutely correct. Building a rapport with staff is gold
Good info
Thank you for watching and taking time to write. Happy new year! Joe
BGC and most condos are a waste of money. Little to no appreciation. Low rates of return. A total waste. You would get a higher rate of return buying Philippine Treasuries or stocks.
I don’t know the specifics about Philippine condos, but I agree with your premise 100%. I sold my last home post divorce in 2015 and vowed to never own real property again. Your money is not liquid, selling rentals requires a payback of depreciation taken, interest rates and other economic factors have too large an influence on ability to make large investments (meaning a buyer qualifying to buy). Money in mutual fund/s is a smarter bet. I could go on and on, but you know what I’m saying. I appreciate you adding to the conversation and taking time to write. Best, Joe
Rent don’t buy. The ROI isn’t there…15-20 million pesos to buy…less than 100 usd Airbnb a night or 50-60k pesos a month. The math doesn’t work unless you are going to live in BGC for 10-15 years. Most guys go back to the west within 3 in my experience. One prime example is Nelly’slife….shes still a host on AirBnB on her 20 million peso condo near Venice mall. You can rent it for 75 usd a night. She’s tried to sell it for about 2 years. Remember property is not liquid in the same way as the west.
Excellent points. I’m no longer a believer in buying real property (especially at retirement age). Thank you for the great contribution! Best, Joe
@@Joeysgonerogue I don’t understand why guys think it’s an investment. Especially 65+. Market analysis and disclosures are not the same in the Philippines. It’s unlikely anyone will disclose occupancy rates but just look at the lights at night. I would say 50% of the condos are occupied…maybe less. I worry about long term occupancy and building up keep.
I’m happy with my condo in BGC Uptown Parksuites tower 1. I purchased when was pre selling way back 2013 . But right now someone is renting 😊🙏 I bought it when I was 45 years so by the time I’m 65 it’s fully paid already . The only thing I’m gonna worry is HOA , utilities , food .
@@hannaliza2221 Expats have a different set of concerns than Filipino nationals. It’s unlikely we will be in the country for a decade.
I have looked at a few of the older buildings. The Avant at the Fort and 5th Avenue Place…AirBnB and rental rates do no offer the return for the price. Buying a 200-300K house in the USA would return 1500-3000 depending on market…Philippines 50K pesos maybe….better investments exists for expats without the high risk. The upside is if you are going back and forth a lot or have a wife and kids in Manila…that’s where it pays off.
@@aboveitall9600 my main purpose buying condo in BGC it’s my retirement home but still keeping my house here in US . But since I’m not retire yet , I let them rent my property at the same time I saved money for my monthly amortization 😊
Almost every condo building in Manila has cockroaches 🪳
From what I’ve heard from friends, I’m sure you’re right.
@@JoeysgonerogueJust left Makati.. Stayed at the Beacon Makati and there were roaches lol
Nobody knows and Only God knows.
Amen!
“Roaches are huge”😂😂 yes they are huge and also fast😂
So true! 🤣🤣
I've rented many Air BnB's in nice buildings and we found that it's almost a sure thing that there are cockroaches (ipis). Especially coming from the garbage rooms...because people are pigs.
I can personally relate to that those experiences!
💯👌👋👋👋
Thank you for watching and writing! Very much appreciated, Joe
The best thing you do is not to buy or rent 100% no risk
Not buy or rent? What's the other option? Squatting?
@@JJthelonelybullinasia😂😂😂